Substance of a Cyprus company
One of the most important issues faced by a company not only in Cyprus but around the world is the issue of substance. Substance as a tax concept is the economic presence of a company in a jurisdiction. A...
Read moreCyprus: An attractive destination for high-net worth individuals
Introduction During the past years Cyprus has enacted several new tax laws for individual taxpayers, providing in that way incentives for foreigners and high net worth individuals to relocate to Cyprus. Part I – Tax Residence The 183-day rule...
Read moreExemption Of Natural Persons From The Obligation To Submit A Personal Income Tax Return (T.D. 1 form) for The Year 2021
The Council of Ministers, exercising its powers conveyed to it by the Assessment and Collection of Taxes Law, issued a decree exempting natural persons, whose total gross annual income is below €19.500, from the obligation to submit a personal income tax return for the tax year 2021. The decree was published in the official gazette of the Republic on 4th of February 2022. As a reminder, the amending Assessment and Collection of Taxes issued in August 2020 provided that as from the year 2020, it would be mandatory for all taxpayers to submit tax returns irrespective of their income level. The law also provided that the Council of Ministers, through a Decree, may determine the criteria based on which individuals whose gross income does not exceed €19,500 have no obligation to submit a tax return
Read moreNational Health and Social Insurances Contributions for 2022
The Social Insurance contributions and the contributions to the General Healthcare System for 2022 remain the same as in 2021. Social Insurance Contributions for 2022 The Social Insurance Contributions for 2022 are summarized below: Contributions: Contributions Employee Employer Self-Employed...
Read moreNew Government strategy for attracting business to Cyprus
On the 15th of October, the government of Cyprus presented its new strategy for attracting businesses to Cyprus. Emphasis was given on high technology, shipping, research, and development as well as innovation, in order to transform the island into...
Read moreDeadline for the submission of T.D. 1 2020
According to the announcement from the Tax Department published on 23/07/2021, the Income Tax Declaration for individuals for the tax year 2020 (2020 T.D.1 form), has become available for submission through the TaxisNet system. According to a Decree issued...
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